South Africa interest rates will only cease if inflation remains below the midpoint of the central bank’s target range, according to Reserve Bank Governor Lesetja Kganyago. The bank’s official target range for price growth is 3% to 6%, but its monetary policy committee prefers to anchor inflation expectations near the middle of that range. According to the central bank’s six-monthly Momentary Policy Review published on October 4, rising costs and domestic price pressure that have “intensified sharply” in an environment of increased uncertainty suggests policy makers may still need to increase rates to “level consistent with a stable and lower…
Author: Thandile Thobela
Eskom lenders have hired PrincewaterhouseCoopers (PwC) to assist them with negotiations. According to News24, the banks asked consultants at PwC to assist them with negotiations. Representatives of PwC and Eskom didn’t immediately respond to request for comment. Those who are familiar with the situation at hand, who aren’t authorized to speak about the matter and requested not to be revealed confirmed that indeed PwC will be assisting Eskom. Bondholders appointed advisers Moelis & Co. and law firm Akin, Gump, Strauss, Hauer & Feld earlier this year. Eskom is working with its own adviser. Lazardto split its transmission, generation and distribution…
In May 2022 Pick n Pay group launched Ekuseni strategic plan, which resulted to growth of medium-term sales and profit targets with dividend of 25.3%. Pick n Pay shared their full H1 FY23 interim results announcement. According to Pick n Pay, the Group delivered a positive performance in its first trading period under the Ekuseni strategic plan. In addition to taking crucial steps to deliver the plan, the Group increased its turnover by 11.5% year-on-year. This strong turnover growth in part reflects the normalisation of the environment after the July 2021 civil unrest and Covid-19 liquor trading restrictions last year which negatively impacted…
The Automobile Association(AA) warns consumers to brace themselves for more expensive fuel in november, as mid-month data from Central Energy Fund(CEF) shows increase to all fuels are likely in the new month. The latest daily exchange rate provided by CEF shows that petrol prices are currently under-recovery of 51 cents per litre, and diesel with a possible R1.60 per litre increase. “The current data shows petrol is expected to increase between 41 cents and 51 cents a litre but the real concern is likely increase in diesel prices. The data is showing diesel will climb by around R1.60 per litre,…
South African Revenue Services (SARS) says it will implement an online traveller declaration system for all travellers including South African citizens and residents, children, and infants. According to revenue service, the system will be installed in all South African International Airports. And will be introduced at OR Tambo International Airport on 1 November 2022, followed by others in the first quarter of 2023. SARS commissioner Edward Kieswetter, says the travel pass is in accordance with many other laws in South Africa, and SARS is still working on expanding the system. “The travel pass is a single component in a response…
